|11-01-2014, 12:58 PM||#1|
Euro heads for second weekly decline vs. dollar
The euro fell against the dollar on Friday following several economic data, where Bank of Japan (BoJ) expanded its stimulus program along with a worse-than-expected retail sales decline in Germany during October.
The US dollar traded freely against the euro today after BoJ expanded its stimulus programs to annual increase of 80 trillion yen from 60-70 trillion on annual basis. This sudden decision confirmed that bank’s commitment to achieve the targeted inflation level 2%.
The US dollar Index rose 0.6% to trade around 86.63 levels at 09:34 GMT.
On the other hand, German retail sales dropped in October on a monthly basis by 3.2%, compared with the expectations of a 0.9% decline.
A state of caution is dominating markets regarding the future of the German economy, where the largest economy in the euro zone faces a risk of recession.
Euro remains bearish and is pressured by the dollar, and is heading to record the second consecutive week of decline.
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